Penn Series Information

Fund Profiles

Penn Mutual’s variable universal life insurance and variable annuities offer diverse investment opportunities through our proprietary Penn Series Funds. This wide array of options was designed to offer you choices that suit your personal risk tolerance, time horizon and stage of life. You can build a custom portfolio to create a unique blueprint for growth or choose one or more of our preconfigured Lifestyle Asset Allocation Funds, each representing a mix of securities that ties to a particular risk level.

Penn Series Limited Maturity Bond Fund

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Investment Objective

Seeks to maximize total return consistent with preservation of capital

Principal Investment Strategy

The Fund invests primarily in short- to intermediate-term investment grade debt securities of the U.S. government and corporate issuers.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses10.70%
Top 10 Holdings2
Navient Student Loan Trust 2016-5
Slm Student Loan Trust 2014-2
Gs Mortgage-Backed Securities Trust 2021-Pj7
Fremf 2015-K44 Mortgage Trust
State Street Corp
Fremf 2017-K727 Mortgage Trust
Fremf 2016-K53 Mortgage Trust
Wells Fargo & Co
Crestline Denali Clo Xvi Ltd
Anchorage Capital Clo 2013-1 Ltd

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Quality Bond Fund

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Investment Objective

Seeks the to maximize total return over the long term consistent with the preservation of capital

Principal Investment Strategy

The Fund invests primarily in marketable investment grade debt securities that are believed to be undervalued based on their quality, maturity and sector in the marketplace.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses10.68%
Top 10 Holdings2
Fannie Mae Pool
Freddie Mac Remics
Fremf 2018-K731 Mortgage Trust
Fremf 2019-K735 Mortgage Trust
United States Treasury Inflation Indexed Bonds
Freddie Mac Pool
Fremf 2016-K52 Mortgage Trust
Fremf 2015-K48 Mortgage Trust
Smb Private Education Loan Trust 2015-C
Benchmark 2019-B9 Mortgage Trust

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series High Yield Bond Fund

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Investment Objective

Seeks to realize high current income

Principal Investment Strategy

The Fund invests primarily in high-yield corporate bonds that are rated below investment grade, as well as income producing convertible securities and preferred stocks.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses10.74%
Top 10 Holdings2
Service Corp International/Us
Chesapeake Energy Corp
Occidental Petroleum Corp
Transdigm Inc
Tallgrass Energy Partners Lp / Tallgrass Energy Finance Corp
Scientific Games International Inc
Go Daddy Operating Co Llc / Gd Finance Co Inc
Acadia Healthcare Co Inc
Tenet Healthcare Corp
Cheniere Energy Inc

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Flexibly Managed Fund

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Investment Objective

Seeks to maximize total return (capital apprecaition and income)

Principal Investment Strategy

The Fund invests in common stocks of well established U.S. companies with above-average potential for capital growth as well as convertible securities, preferred stocks, corporate and governmental debt securities.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserT. Rowe Price Associates, Inc.
Total Annual Fund Operating Expenses10.88%
Top 10 Holdings2
Microsoft Corp
United States Treasury Note/Bond
United States Treasury Note/Bond
Apple Inc
Unitedhealth Group Inc
Amazon.Com Inc
Fortive Corp
The Pnc Financial Services Group Inc
Intercontinental Exchange Inc
Thermo Fisher Scientific Inc

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Balanced Fund

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Investment Objective

Seeks long-term growth and current income

Principal Investment Strategy

The Fund invests in a combination of underlying Penn Series Funds with an allocation strategy designed to provide a mix of the growth opportunities of stock investing with the income opportunities of fixed income securities.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses10.70%
Holdings
Index 500 Fund
Quality Bond Fund

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Large Growth Stock Fund

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Investment Objective

Seeks long-term capital growth

Principal Investment Strategy

The Fund invests in common stocks of well established companies that are believed to have long-term growth potential and an above-average rate of earnings growth.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserT. Rowe Price Associates, Inc.
Total Annual Fund Operating Expenses10.97%
Top 10 Holdings2
Microsoft Corp
Apple Inc
Amazon.Com Inc
Nvidia Corp
Alphabet Inc
Unitedhealth Group Inc
Visa Inc
Mastercard Inc
Intuit Inc
Asml Holding Nv

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Large Cap Growth Fund

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Investment Objective

Seeks to achieve long-term capital appreciation

Principal Investment Strategy

The Fund invests in companies believed to have above average earnings growth potential compared to other growth companies.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserMassachusetts Financial Services Company
Total Annual Fund Operating Expenses10.89%
Top 10 Holdings2
Microsoft Corp
Alphabet Inc
Apple Inc
Visa Inc
Accenture Plc
Church & Dwight Co Inc
Amphenol Corp
Aon Plc
Adobe Inc
Boston Scientific Corp

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Large Core Growth Fund

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Investment Objective

Seeks to provide growth of capital

Principal Investment Strategy

The Fund invests in securities of companies with strong name recognition and sustainable competitive advantages.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserDelaware Investments Fund Advisers
Total Annual Fund Operating Expenses10.87%
Top 10 Holdings2
Uber Technologies Inc
Snowflake Inc
Cloudflare Inc
The Trade Desk Inc
Shopify Inc
Roblox Corp
Doordash Inc
Royalty Pharma Plc
Amazon.Com Inc
Asml Holding Nv

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Large Cap Value Fund

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Investment Objective

Seeks to achieve long-term growth of capital

Principal Investment Strategy

The Fund invests in securities of companies it believes possess a structual competitve advantage or durable market leadership position.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserAllianceBernstein L.P.
Total Annual Fund Operating Expenses10.94%
Top 10 Holdings2
Philip Morris International Inc
Berkshire Hathaway Inc
Elevance Health Inc
Gilead Sciences Inc
Mastercard Inc
Jpmorgan Chase & Co
Roche Holding Ag
Cisco Systems Inc
Amgen Inc
Raytheon Technologies Corp

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Large Core Value Fund

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Investment Objective

Seeks total return

Principal Investment Strategy

The Fund invests primarily in dividend-paying value stocks and may also invest in REITs, non-income producing stocks and fixed-income securities such as convertible debt.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserEaton Vance Management
Total Annual Fund Operating Expenses10.93%
Top 10 Holdings2
Alphabet Inc
Wells Fargo & Co
The Walt Disney Co
Nextera Energy Inc
Chevron Corp
The Charles Schwab Corp
The Hershey Co
Constellation Brands Inc
American International Group Inc
Reinsurance Group Of America Inc

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Index 500 Fund

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Investment Objective

Seeks a total return (capital appreciation and income) which corresponds to that of the S&P 500® Index

Principal Investment Strategy

The Fund invests in securities of the S&P 500® Index in an attempt to replicate the performance of the Index.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserSSGA Funds Management, Inc.
Total Annual Fund Operating Expenses10.35%
Top 10 Holdings2
Apple Inc
Microsoft Corp
Amazon.Com Inc
Nvidia Corp
Alphabet Inc - Class A
Tesla Inc
Berkshire Hathaway Inc
Alphabet Inc - Class C
Meta Platforms Inc
Exxon Mobil Corp

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Mid Cap Growth Fund

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Investment Objective

Seeks to maximize capital appreciation

Principal Investment Strategy

The Fund invests in equity securities believed to have strong earnings growth potential and that are diversified across economic sectors.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserDelaware Investments Fund Advisers
Total Annual Fund Operating Expenses10.98%
Top 10 Holdings2
Marketaxess Holdings Inc
Costar Group Inc
Dexcom Inc
Monolithic Power Systems Inc
Pinterest Inc
Borgwarner Inc
Microchip Technology Inc
Teradyne Inc
Heico Corp
Arista Networks Inc

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Mid Cap Value Fund

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Investment Objective

Seeks to achieve growth of capital

Principal Investment Strategy

The Fund invests in the equity securities of high quality companies believed to be trading at substantial discount to their intrinsic value where there is a strategic plan or event that is expected to both enhance value and narrow the value/price gap.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserJanus Henderson Investors US LLC
Total Annual Fund Operating Expenses10.83%
Top 10 Holdings2
The Hartford Financial Services Group Inc
Laboratory Corp Of America Holdings
Alliant Energy Corp
Entergy Corp
Cardinal Health Inc
Equity Lifestyle Properties Inc
Msc Industrial Direct Co Inc
Ametek Inc
Baker Hughes Co
Casey'S General Stores Inc

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Mid Core Value Fund

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Investment Objective

Seeks to achieve capital appreciation

Principal Investment Strategy

The Fund invests in companies whose stock price may not reflect the company’s value and hold each stock until its price more accurately reflects the fair value of the company.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserAmerican Century Investment Management, Inc.
Total Annual Fund Operating Expenses11.04%
Top 10 Holdings2
Zimmer Biomet Holdings Inc
Northern Trust Corp
Edison International
The Bank Of New York Mellon Corp
The Allstate Corp
Koninklijke Ahold Delhaize Nv
Conagra Brands Inc
Spire Inc
Henry Schein Inc
Packaging Corp Of America

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series SMID Cap Growth Fund

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Investment Objective

Seeks long-term growth of capital

Principal Investment Strategy

The Fund invests in small- and medium-sized growth companies believed to have unique business models, sustainable growth and knowledgeable management teams.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserGoldman Sachs Asset Management, L.P.
Total Annual Fund Operating Expenses11.05%
Top 10 Holdings2
Lattice Semiconductor Corp
Five Below Inc
Allegro Microsystems Inc
Ashland Inc
Deckers Outdoor Corp
Bj'S Wholesale Club Holdings Inc
Core & Main Inc
Aaon Inc
Texas Roadhouse Inc
Rbc Bearings Inc

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series SMID Cap Value Fund

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Investment Objective

Seeks long-term growth of capital

Principal Investment Strategy

The Fund invests in small- and medium-sized companies that are believed to be undervalued and have long-term earnings potential.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserAllianceBernstein L.P.
Total Annual Fund Operating Expenses11.18%
Top 10 Holdings2
First Citizens Bancshares Inc
Envista Holdings Corp
Everest Re Group Ltd
Idacorp Inc
Pultegroup Inc
Integra Lifesciences Holdings Corp
Knight-Swift Transportation Holdings Inc
Berry Global Group Inc
Dycom Industries Inc
Nomad Foods Ltd

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Small Cap Growth Fund

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Investment Objective

Seeks capital appreciation

Principal Investment Strategy

The Fund invests in small capitalization companies with differentiated business models and sustainable competitive advantages; holds these companies to capture more growth potential over a longer period.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserJanus Henderson Investors US LLC
Total Annual Fund Operating Expenses11.02%
Top 10 Holdings2
Nice Ltd
On Semiconductor Corp
Catalent Inc
Crown Holdings Inc
Rentokil Initial Plc
Ss&C Technologies Holdings Inc
Wns Holdings Ltd
The Descartes Systems Group Inc
Osi Systems Inc
Ats Corp

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Small Cap Value Fund

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Investment Objective

Seeks capital appreciation

Principal Investment Strategy

The Funds invests in well-positioned cash generating businesses at a price considered low enough to help provide a healthy margin of safety.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserGoldman Sachs Asset Management, L.P.
Total Annual Fund Operating Expenses11.01%
Top 10 Holdings2
Physicians Realty Trust
Stag Industrial Inc
Selective Insurance Group Inc
Terreno Realty Corp
Arcosa Inc
Kbr Inc
Hostess Brands Inc
Meritage Homes Corp
Abm Industries Inc
Ryman Hospitality Properties Inc

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Small Cap Index Fund

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Investment Objective

Seeks a replicate the returns and characteristics of a small cap index

Principal Investment Strategy

The Fund invests in securities of companies included in the Russell 2000® Index to attempt to replicate the performance of the Index.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserSSGA Funds Management, Inc.
Total Annual Fund Operating Expenses10.70%
Top 10 Holdings2
Emcor Group Inc
Shockwave Medical Inc
Iridium Communications Inc
Crocs Inc
Texas Roadhouse Inc
Saia Inc
Inspire Medical Systems Inc
Rbc Bearings Inc
Kinsale Capital Group Inc
Apellis Pharmaceuticals Inc

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Developed International Index Fund

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Investment Objective

Seeks to replicate the returns and characteristics of an international index composed of securities from developed countries

Principal Investment Strategy

The Fund invests in securities listed in the Morgan Stanley Capital International® Europe, Australia, Far East (MSCI EAFE) Index in an attempt to replicate the Index.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserSSGA Funds Management, Inc.
Total Annual Fund Operating Expenses10.90%
Top 10 Holdings2
Nestle Sa
Asml Holding Nv
Novo Nordisk A/S
Lvmh Moet Hennessy Louis Vuitton Se
Astrazeneca Plc
Shell Plc
Roche Holding Ag
Novartis Ag
Bhp Group Ltd
Toyota Motor Corp

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series International Equity Fund

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Investment Objective

Seeks to achieve capital appreciation

Principal Investment Strategy

The Fund invests primarily in higher quality growth companies with consistent operating histories, financial performance and long-term prospects operating in Europe and the Pacific Basin.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserVontobel Asset Management, Inc.
Total Annual Fund Operating Expenses11.08%
Top 10 Holdings2
Relx Plc
Constellation Software Inc/Canada
London Stock Exchange Group Plc
Nestle Sa
Mastercard Inc
Ferrari Nv
Flutter Entertainment Plc
Alcon Inc
Rentokil Initial Plc
L'Oreal Sa

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Emerging Markets Equity Fund

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Investment Objective

Seeks to achieve capital appreciation

Principal Investment Strategy

The Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (or equity-linked instruments) of issuers of any capitalization located in emerging market countries

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserVontobel Asset Management, Inc.
Total Annual Fund Operating Expenses11.33%
Top 10 Holdings2
Tencent Holdings Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Housing Development Finance Corp Ltd
Samsung Electronics Co Ltd
Wal-Mart De Mexico Sab De Cv
President Chain Store Corp
Alibaba Group Holding Ltd
Bank Rakyat Indonesia Persero Tbk Pt
Hong Kong Exchanges & Clearing Ltd
Eicher Motors Ltd

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Real Estate Securities Fund

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Investment Objective

Seeks to achieve a high total return consistent with reasonable investment risks

Principal Investment Strategy

The Fund invests in common stocks and other equity securities issued by real estate companies of any market capitalization, including real estate investment trusts (REITs).

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserCohen & Steers Capital Management, Inc.
Total Annual Fund Operating Expenses10.97%
Top 10 Holdings2
Prologis Inc
Public Storage
Simon Property Group Inc
Welltower Inc
Realty Income Corp
Digital Realty Trust Inc
Invitation Homes Inc
Equinix Inc
Crown Castle Inc
American Tower Corp

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Aggressive Allocation Fund

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Investment Objective

Seeks to achieve long-term capital growth consistent with its asset allocation strategy

Principal Investment Strategy

The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (85%-100% of its assets in equity funds and 0%-15% of its assets in fixed income and money market funds).

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses11.19%
Top 10 Holdings2
Index 500 Fund
International Equity Fund
Developed International Index
Emerging Markets Equity Fund
Large Core Value Fund
Flexibly Managed Fund
Large Cap Value Fund
Mid Core Value Fund
Quality Bond Fund
Small Cap Index Fund

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Moderately Aggressive Allocation Fund

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Investment Objective

Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy

Principal Investment Strategy

The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (70%-100% of its assets in equity funds and 0%-30% of its assets in fixed income and money market funds).

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses11.13%
Top 10 Holdings2
Index 500 Fund
International Equity Fund
Quality Bond Fund
Limited Maturity Bond Fund
Developed International Index
Large Core Value Fund
Flexibly Managed Fund
Large Cap Value Fund
Emerging Markets Equity Fund
Mid Core Value Fund

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Moderate Allocation Fund

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Investment Objective

Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy

Principal Investment Strategy

The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (50%-70% of its assets in equity funds and 30%-50% of its assets in fixed income and money market funds).

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses11.09%
Top 10 Holdings2
Quality Bond Fund
Index 500 Fund
Limited Maturity Bond Fund
International Equity Fund
Flexibly Managed Fund
Emerging Markets Equity Fund
Mid Core Value Fund
Developed International Index
Large Core Value Fund
High Yield Bond Fund

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Moderately Conservative Allocation Fund

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Investment Objective

Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy

Principal Investment Strategy

The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (30%-50% of its assets in equity funds and 50%-70% of its assets in fixed income and money market funds).

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses11.08%
Top 10 Holdings2
Quality Bond Fund
Limited Maturity Bond Fund
Index 500 Fund
Flexibly Managed Fund
International Equity Fund
High Yield Bond Fund
Large Core Value Fund
Developed International Index
Mid Core Value Fund
Large Cap Value Fund

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Conservative Allocation Fund

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Investment Objective

Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy

Principal Investment Strategy

The Fund invests using a “fund-of-funds” strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (20%-40% of its assets in equity funds and 60%-80% of its assets in fixed income and money market funds).

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses11.06%
Top 10 Holdings2
Quality Bond Fund
Limited Maturity Bond Fund
Flexibly Managed Fund
Index 500 Fund
High Yield Bond Fund
Large Core Value Fund
Developed International Index
Mid Core Value Fund
International Equity Fund
Real Estate Securities Fund

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Series Money Market Fund

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Investment Objective

Government money market fund that seeks current income, while preserving capital and liquidity

Principal Investment Strategy

Invests only in U.S. dollar-denominated securities that are determined to present minimal credit risk and meet certain other criteria, including relating to maturity, diversification, liquidity and credit quality.

Advisers and Expenses
Investment AdviserPenn Mutual Asset Management, LLC
Investment Sub-AdviserN/A
Total Annual Fund Operating Expenses10.59%
Top 10 Holdings2
Federal National Mortgage Association - 7/10/23
Federal Home Loan Mortgage Corp - 5/5/23
Federal Home Loan Mortgage Corp - 4/20/23
Federal Farm Credit Discount Notes - 4/6/23
Federal Home Loan Bank Discount Notes - 5/26/23
Federal Home Loan Bank Discount Notes - 6/12/23
Federal National Mortgage Association - 5/22/23
United States Treasury Bill - 5/18/23
United States Treasury Note/Bond - 6/15/23
Federal Home Loan Banks - 7/26/23

1Total Annual Fund Operating Expenses as of May 1, 2023.
2Holdings information as of March 31, 2023.

Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual’s investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual’s variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.